The US Commodity Futures Trading Commission submitted two proposed rules to the White House on September 28, intending to include event contracts in the definition of "swaps" and exclude casino style gambling products. The former rule will be publicly solicited for opinions, while the latter is a temporary final rule that is planned to take effect after publication and subsequently solicit opinions. Currently, the text of the rule has not been released yet. The definition of exchange is related to the jurisdictional dispute between the prediction market and state-level gambling regulatory agencies. The Sixth Circuit Court of Appeals recently ruled that Kalshi's sports contract does not constitute a swap. The Third Circuit Court supports Kalshi, the Ninth Circuit Court supports Nevada, and New Jersey has requested the United States Supreme Court to resolve the dispute between the circuit courts. (Source: Bitcoin.com News)
